Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
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Check the appropriate box:
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The Foreign & Colonial Emerging Middle East Fund, Inc.
(Name of Registrant as Specified In Its Charter)
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/X/ No fee required.
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/ / Check box if any part of the fee is offset as provided by Exchange Act
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NEWS RELEASE FOR IMMEDIATE RELEASE
For further information, call:
Arthur B. Crozier
Innisfree M&A Incorporated
(212) 750-5833
INSTITUTIONAL SHAREHOLDER SERVICES RECOMMENDS FOREIGN & COLONIAL EMERGING
MIDDLE EAST FUND, INC. SHAREHOLDERS VOTE AGAINST SHAREHOLDER PROPOSALS TO
REALIZE NET ASSET VALUE AND TO TERMINATE THE CURRENT INVESTMENT ADVISORY
AGREEMENT
New York, NY (February 28, 2000)--The Foreign & Colonial Emerging Middle
East Fund, Inc., (NYSE : EME) a closed-end equity fund, announced today
that Institutional Shareholder Services (ISS) has recommended that its
clients vote in favor of all of management's proposals and against all of
the shareholder proposals on the agenda. Among those shareholder
proposals are proposals seeking to realize net asset value for the
shareholders as soon as practicable and to terminate the investment
advisory agreement between the Fund and Foreign & Colonial Emerging
Markets Limited.
ISS is the nation's premier independent proxy advisory firm whose clients
include some of the largest institutional investors in the world.
A spokesman for the Fund said, "We are extremely pleased with ISS's
recommendation. It recognizes the Fund's strong short term and long term
performance and the Board's commitment to delivering value for all
shareholders. In particular, the Board continues to be committed to its
December, 1998 resolution that it is the Board's current expectation that
it would submit to shareholders a proposal to liquidate the Fund if the
average weekly discount from net asset value for the fiscal year ended
October 31, 2000 is equal to or greater than 15%.
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"We strongly urge shareholders to follow the ISS recommendation and to
sign, date and return their proxy cards with a vote For management's
proposals (Items 1-3) and Against the shareholder proposals (Items 4-8)."
The Foreign & Colonial Emerging Middle East Fund, Inc., is a non-
diversified, closed-end management investment company organized to
provide investors with a vehicle for long term capital appreciation
through investments primarily in equity securities of Middle East
issuers. The Fund's investment adviser is Foreign & Colonial Emerging
Markets Limited, an indirect, wholly-owned subsidiary of Foreign &
Colonial Management Ltd.
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